Breaking

Iridium Security’s Trades at 14,000% Premium Are Canceled

Nov. 29 (Bloomberg) -- A security linked to Iridium
Communications Inc., a communications-satellite operator, soared
almost 14,000 percent today and triggered a volatility halt
because of two trades that were later canceled.

The security climbed as much as $1,985.75, or 13,695
percent, to $2,000.25 in one trade at 9:52 a.m. New York time
after jumping to $2,000 at the open of trading in New York. The
two trades totaled 147 units and were executed on the Nasdaq
Stock Market. Both trades were later voided, according to data
compiled by Bloomberg.

The units, which are made up of one common share and one
stock warrant, surged 72 percent to $14.50 yesterday and only
have changed hands a total of six days in November, according to
data compiled by Bloomberg.

The Iridium units rose 12 percent to $16.25 at 4 p.m. New
York time after trading resumed following the halt at 9:52 a.m.
Volatility circuit breakers are triggered when a security rises
or falls 10 percent within five minutes. Iridium’s common shares
added 1.8 percent to $6.14.

Robert Madden, a spokesman for Nasdaq OMX Group Inc., and
Ashley Eames, a spokeswoman for Iridium, confirmed that the
trades were canceled.